United Bank of India Loan Against Property

United Bank of India offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property United Bank

Loan Against Property interest rates offered by United Bank of India depends upon MCLR

Floating rates changes with a single change in United Bank of India MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates

United Bank of India offers Property Loan based on 1 Year MCLR which is currently 9.40%

United Bank of India mortgage loan interest rate depends upon

Loan amount: United Bank of India mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Company where you work: United Bank of India has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed

Your Salary: Income helps you in identifying your rate of interest. United Bank of India interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. United Bank of India allows prepayment of loan against property with 2% of outstanding balance prepayment charges

Processing Fee - United Bank of India asks for a processing fee of 1.00% of loan amount with applicable service tax

United Bank Loan Against Property EMI Calculator

Loan Against Property EMI of United Bank of India is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure

United Bank of India Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property

You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI

Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI

Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating United Bank Loan Against Property EMI?

United Bank of India Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest

United Bank of India EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living

You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

United Bank Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria United Bank of India

Eligibility of Loan Against Property in United Bank of India relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

Age: United Bank of India offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval

Value of the property: United Bank of India decides your loan amount based on the market value of the property which you place as your collateral for the loan. United Bank of India lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. United Bank of India gives maximum LTV of 50% for property loans depending upon market value of the property

Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. United Bank of India checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. United Bank of India does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
To reduce your burden of higher EMIs, United Bank of India gives you a maximum tenure of 18 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility

Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings

Business person should be in business from the past 0 years and minimum ITR of last 3years is required as proof to United Bank of India

United Bank of India Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to United Bank of India?

United Bank of India offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of United Bank of India
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property United Bank documents required

Loan Against Property for Salaried employee United Bank of India documents required

Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from United Bank of India

Registered Sale Deed/ Conveyance/ Lease Deed

Past Sale Deeds Chain (each transaction in respect of this property since first allotment

Latest House Tax Return/ Receipt

Approved Building Plan from Municipal Corporation

Past trends of MCLR of United Bank of India

Date

MCLR

04th Oct 16: 0.25% repo cut by RBI

05th Apr 16: 0.25% repo cut by RBI

12th Oct 15

9.65% decreased by 0.25%

29th Sep 15: 0.5% repo cut by RBI

19th Jun 15

9.90% increased by 1.65%

02nd Jun 15: 0.25% repo cut by RBI

04th Mar 15: 0.25% repo cut by RBI

15th Jan 15: 0.25% repo cut by RBI

15th Jan 15

10.00%

13th Feb 14

10.50% increased by 0.5%

28th Jan 14: 0.25% repo hike by RBI

18th Dec 13: 0% repo none by RBI

29th Oct 13: 0.25% repo hike by RBI

20th Sep 13: 0.25% repo hike by RBI

03rd May 13: 0.25% repo cut by RBI

19th Mar 13: 0.25% repo cut by RBI

25th Feb 13

10.25% decreased by 0.25%

29th Jan 13: 0.25% repo cut by RBI

23rd Apr 12

10.45% increased by 0.2%

17th Apr 12: 0.5% repo cut by RBI

25th Oct 11: 0.25% repo hike by RBI

16th Sep 11: 0.25% repo hike by RBI

03rd Aug 11

10.60% increased by 0.15%

26th Jul 11: 0.5% repo hike by RBI

13th Jul 11

10.25% decreased by 0.35%

16th Jun 11: 0.25% repo hike by RBI

06th May 11

10.00% decreased by 0.25%

03rd May 11: 0.5% repo hike by RBI

17th Mar 11: 0.25% repo hike by RBI

25th Jan 11: 0.25% repo hike by RBI

02nd Jan 11

9.45% decreased by 0.55%

15th Dec 10

8.95% decreased by 0.5%

08th Nov 10

8.40% decreased by 0.55%

02nd Nov 10: 0.25% repo hike by RBI

16th Sep 10: 0.25% repo hike by RBI

27th Jul 10: 0.25% repo hike by RBI

02nd Jul 10: 0.25% repo hike by RBI

01st Jul 10

8.25% decreased by 0.15%

United Bank MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in United Bank ?

Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.

Your existing EMI’s on all loans and credit cards (from United Bank of India and other banks) are no more than 60 - 70% of your net monthly income

You have not defaulted on loans or credit card dues to United Bank of India and other banks and all EMI's have been paid. Note that United Bank of India can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to United Bank of India in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator

If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion

If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will United Bank mortgage loan interest rate remain fixed or will it change in future?

Floating interest rate on United Bank of India property loan is linked to its 1 Year MCLR, which is currently 9.40%. So, when United Bank of India offers a loan against property at 11.30%, it applies a 1.9% premium to its MCLR to arrive at this rate

When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers

United Bank of India reported nearly 27 per cent fall in its net profit to Rs. 38.32 crore for the quarter ended June 30 due to rise in bad loans. The total income of the bank fell by 2.67 per cent to Rs. 2819.37 crore in the June quarter of FY17 from Rs. 2896.75 crore in the June quarter of previous year. Gross NPAs as a percentage of total loans increased to 14.29 per cent in the first quarter of current financial year. Similarly, the net NPA ratio increased to 9.85 per cent, up from 6.30 per cent during same period of previous fiscal.

20th Jul 16 Govt to infuse up to Rs 810 Cr capital in United Bank of India

United Bank of India said that the government has decided to infuse up to Rs 810 crore capital into the bank in the current fiscal year. Government has decided to allocate 75 per cent of the capital to the bank immediately and remaining 25 per cent will be infused depending upon the performance of the bank by the end of 2016. Government has already announced its plan to infuse Rs. 22915 crore in 13 public sector banks like SBI, PNB, Bank of India and Central Bank of India.

15th Jan 16 United Bank of India to cut bulk deposit rates by up to 1.5%

UBI has reduced interest rates by 25 bps -50 bps for deposits up to Rs 1 Cr and by 25 bps to 150 bps for deposits above Rs 1 crore

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